Accounting for Sales on Credit: Gross Method On December 29 of the current year, Sabre Company sold merchandise for $7,000 on credit terms, 3/10, n/60. Its accounting period ends December 31. Required Provide the following entries under the gross method. a. To record the merchandise sale. Omit the cost of goods sold entry. b. To record collection of the account, assuming collection took place on January 5 of next year. c. To record collection of the account, assuming collection took place on February 15 of next year. d. Indicate what should be reported for accounts receivable on the balance sheet (ignoring cash) and for net sales revenue on the income statement for both the current year and next year assuming 1. Parts a and b occur. 2. Parts a and c occur.